Please use this identifier to cite or link to this item:
How attributes of houses, buyers and sellers influence price concession of the real estate market in Taiwan
Characteristics of buyers and sellers
Hedonic price model
|Issue Date: ||2019-09-05 15:43:00 (UTC+8)|
This study examines how attributes of houses as well as buyers and sellers influence price concession of the real estate market in Taiwan. We utilize a real estate firm’s sales data from 2009 to 2015 to analyze the housing market in Taiwan as a whole, and in the four largest cities, Taipei, New Taipei, Taichung and Kaohsiung. We congregated properties’, buyers’, and sellers’ characteristics into regression analysis as variables, to inspect their statistical significance on price concession.
The empirical results show that the majority of housing characteristics listed, such as size, age of building, number of rooms, and number of living areas, are statistically significant on price concession. Only a few attributes are statistically insignificant due to regional preferences. For attributes of buyers and sellers, gender is also statistically insignificant on price concession, indicating that in Taiwan gender caused minimal difference in bargaining power. On the other hand, age is statistically significant, with a positive relationship between seller’s age and price concession with the exception of Kaohsiung, and a negative relationship between buyer’s age and price concession with the exception of Taichung. The party with bigger bargaining power also variates between different cities, while buyer holds a bigger influence in Taipei, New Taipei, Kaohsiung, and Taiwan as a whole, in Taichung the power leans more toward the seller.
As for gender differences, neither are sellers’ nor buyers’ gender are statistically significant towards price concession. But when we take age groups into consideration, male sellers that are 61~80 years old is statistically significant towards buyers of other gender and age groups, especially when the buyer is at 41~60 years old, statistics show the range for price concession is lower.
|Reference: ||Amanatullah, E. T. and M. W. Morris (2010). Negotiating gender roles: Gender differences in assertive negotiating are mediated by women’s fear of backlash and attenuated when negotiating on behalf of others. Journal of personality and social psychology, 98(2), 256.|
Asabere, P. K. and F. E. Huffman (1993). Price concessions, time on the market, and the actual sale price of homes. The Journal of Real Estate Finance and Economics, 6(2), 167-174.
Babcock, L., S. Laschever, M. Gelfand, and D. Small (2003). Nice girls don’t ask. Harvard Business Review, 81(10), 14-16.
Barber, B. M. and T. Odean (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The quarterly journal of economics, 116(1), 261-292.
Björklund, K., J. Alex Dadzie and M. Wilhelmsson (2006). Offer price, transaction price and time-on-market. Property Management, 24(4), 415-426.
Calvi, R. (2017). Why are older women missing in India? The age profile of bargaining power and poverty.
Correll, S. J., S. Benard, and I. Paik (2007). Getting a job: Is there a motherhood penalty?. American journal of sociology, 112(5), 1297-1338.
Donald, J., S. Terry and W. Daniel (1996). Time on the market: the impact of residential brokerage. Journal of Real Estate Research, 12(2), 447-458.
Greenberg, D., J. Ladge and J. Clair (2009). Negotiating pregnancy at work: public and private conflicts. Negotiation and Conflict Management Research, 2(1), 42-56.
Harding, J. P., S. S. Rosenthal and C. F. Sirmans (2003). Estimating bargaining power in the market for existing homes. Review of Economics and statistics, 85(1), 178-188.
Jacobsen, B., J. B. Lee, W. Marquering and C. Y. Zhang (2014). Gender differences in optimism and asset allocation. Journal of Economic Behavior & Organization, 107, 630-651.
Jud, G. D., D. T. Winkler and G. E. Kissling (1995). Price spreads and residential housing market liquidity. The Journal of Real Estate Finance and Economics, 11(3), 251-260.
Knight, J. R. (2002). Listing price, time on market, and ultimate selling price: Causes and effects of listing price changes. Real estate economics, 30(2), 213-237.
Kolb, D. M. (2009). Too bad for the women or does it have to be? Gender and negotiation research over the past twenty‐five years. Negotiation Journal, 25(4), 515-531.
Kray, L. J., L. Thompson and A. Galinsky (2001). Battle of the sexes: gender stereotype confirmation and reactance in negotiations. Journal of personality and social psychology, 80(6), 942.
Kray, L. and L. Babcock (2006). Gender in negotiations: A motivated social cognitive analysis. Negotiation theory and research, 11, 203-224.
Murnighan, J. K., & Saxon, M. S. (1998). Ultimatum bargaining by children and adults. Journal of Economic Psychology, 19(4), 415-445.
Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of political economy, 82(1), 34-55.
Selim, H. (2009). Determinants of house prices in Turkey: Hedonic regression versus artificial neural network. Expert systems with Applications, 36(2), 2843-2852.
Sirmans, S., D. Macpherson and E. Zietz (2005). The composition of hedonic pricing models. Journal of real estate literature, 13(1), 1-44.
Stevens, C. K., A. G. Bavetta and M. E. Gist (1993). Gender differences in the acquisition of salary negotiation skills: the role of goals, self-efficacy, and perceived control. Journal of applied psychology, 78(5), 723.
Tsai, I. C. (2018). Investigating Gender Differences in Real Estate Trading Sentiments. The American Economist, 63(2), 187-214.
Witte, A. D., H. J. Sumka and H. Erekson (1979). An estimate of a structural hedonic price model of the housing market: an application of Rosen's theory of implicit markets. Econometrica: Journal of the Econometric Society, 1151-1173.
林祖嘉, & 林素菁. (1994). 台灣地區住宅需求價格彈性與所得彈性之估計. 住宅學報, (2), 25-48.
彭建文, & 賴鳴美. (2006). 賣方訂價策略對成交價格之影響分析. JOURNAL OF HOUSING, 15(1).
|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G1063570172|
|Data Type: ||thesis|
|Appears in Collections:||[財務管理學系] 學位論文|
Files in This Item:
All items in 政大典藏 are protected by copyright, with all rights reserved.